I like to keep an eye on everything real estate Las Vegas because it may foreshadow what we’ll see here in metro Phoenix, Arizona.

Only two of 15 properties on the block at the June 17 Bureau of Land Management auction received offers, and the winning bids reflect how far the market has fallen.

Nava Properties paid $252,000 for 2.5 acres of residential land near Blue Diamond Road, a price of $100,800 per acre. The going price per acre in that area two years ago was $650,000, land analysts say.